Electoral demographics are shifting away from those who have done so well out of the largesse of the past few decades.
Politics sometimes contains what might be described as blank spots: policy problems that everybody tut-tuts over but never suggests doing something obvious to fix.
This should be a significant issue, you would think, not just in terms of equity but tax system efficiency, given the distortions the current tax system encourages. One of the findings of the latest IGR is that superannuation has reduced the national pension bill – which is good because that was the original intent of the policy. So it isn’t necessarily super that is the problem here.But it is just a pointer to how there are some glaring issues out there that are inevitably going to blow up, however reluctant politicians may be to address tax reform.
The IGR says that “spending on health and age pensions as a share of GDP was lower in 2021-22 than projected at the time of the 2002 IGR as a result of non-age related costs of health being lower than expected and having a younger population than projected, but payments like aged care were higher”.were not anticipated in the 2002 IGR and have significantly affected payments projections”.
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